What is Blockchain Technology? | Applications | Limitations | Jobs11 min read
Blockchain Technology is a decentralized, public ledger, a digitalized system that records a data perpetually creating a blocks connected by a network of chains called a “Blockchain“. Every block consists of a record of transactions, a hash, and a hash of previous block. Every record is maintained in a safe and secure way that the transactions once made cannot be altered in any way that means the block(consisting of a hash, transaction details, hash of previous block) cannot be rectified or made mime in any way. Every transaction successfully gets verified between the two users in a permanent way. It’s a distributed blockchain ledger system, where blockchain works on a peer-to-peer network following a complete sequence of a blockchain algorithm for connecting a block. That is what makes it completely secure and transparent system for the public.
Blockchain are completely secure and a perfect ledger system that are completely decentralized(no one owns the blockchain system). Blockchain has a potential to record the data like medical records, event record, bank records, etc and other record management like identity management, a transaction record, documentation, that makes the blockchain system more preferable over other system.
Blockchain was designed, created and executed by an unknown person, Satoshi Nakamoto in 2008. He’s the only person considered as a protagonist of the Blockchain and Bitcoin technology. Blockchain gave birth to Bitcoin which in no time burnt like a fire all around the world. The invention of bitcoin gave user an advantage to make their transaction without the use of a third party(like banks, a broker, an authority) which gave a paradigm to all the inventors and the citizens all around the globe.
Types of Blockchain:
Currently we can define Blockchain in three different categories that are generally used in the present day world:
1) Public Blockchain
2) Private Blockchain
3) Consortium Blockchain
Public Blockchain: The public blockchain is accessible to everyone on the internet and can take part in the transaction process without any single penny of a dollar. You can act as either a user or a miner(who acts as an intermediate between the two transactions). Few well-known blockchains are bitcoin and ethereum.
Private Blockchain: The private blockchain is the one that’s accessible to only a few of the members of the private community and the owner itself. No one’s allowed to enter the system unless and until permitted to do so. There’s less flexibility and exposure to the public of what’s happening inside the system of blockchain as compared to the public blockchain. Also there’s risk of info leak as sensitive data can be deployed on internet anytime.
Consortium Blockchain: A Consortium Blockchain is also a kind of private blockchain but instead of a single organization, it is owned by a number of organizations. Only few trusted and close members were allowed to enter the room inside.
Blockchain Based Applications
From the beginning of the blockchain technology, the industrialists, business person, etc are finding a way to implement this technology to their general use. And offcourse they succeeded in this undoubtedly. Frankly speaking there are a number of applications that these blockchain could be used and harnessed in a good way. Let me give you an insight of what this blockchain technology can do.
Blockchain as a platform
Smart Contracting: Using Smart Contacts, blockchain will build a healthy relationship between a user and a digitalized blockchain technology. With the growing use of online system and the need to store the data manually by humans will absolutely take a lot of time. And therefore the use of smart contracts come existence.
● Blockchain Healthcare
Personal info about the client and staffs could be stored in the blockchain as a smart contract. These data could be accessed by only few individuals. Receipts of surgery could be stored on the blockchain and can be sent to the recipients automatically if required as a proof-of-delivery. Also ledger could be used for general health care management such as drugs regulations, reports of various tests, medicinal supplies and many more.
● Blockchain Music
All that the music companies want is their tag, label and copyright to be always stuck with their songs. And no one can misuse or reproduce their data once uploaded on the internet. With the use of blockchain technology one can upload their data like songs, related info to the blockchain. Blockchain and smart contracts can be used to secure the rights of the artist that can create an accurate and decentralized database of music rights. Meanwhile the artist’s royalties and copyright would be maintained and property served to the public. The owner would be paid accordingly.
● Blockchain Government
The physical method of voting in the Indian community leads to the hustle and powerful person may indulge to get maximum vote to their party. Meaning votes can be hacked and misused. So with the help of blockchain technology the votes would be counted and recorded. The ledger would prevent any modification and encrypt the vote against the voters that is transparent on the internet. It saves a huge expense on the voting system and help protect any misuse of the vote.
Blockchain as a Service
● Blockchain Identification
Digital identity of a person can be saved from spammers and advertisers who misuse and sell your personal identity to the advertisers in lieu of bundles of money. Os these data can be protected and safeguarded by a technology called Blockchain. The data once entered in a Blockchain could not be modified and decrypted in any way. It is open and secured by a transparent system.
You know that the blockchain can help improve the financial conditions of any country. This not only helps to grow the businesses but also skyrocket the digitalization and financial conditions of the country.
Many of the futurist research, marketers of the largest banks, financial institution, etc have been questioned to what this technology can bring about around the world.
The answer to all their questions are as follows:
◆ Provides an Infrastructure to the Transaction
◆ Provides a Digital Asset(like bitcoin)
◆ Regulatory Reporting and Compliance
That’s all that the question makers got with it and now enhancing the online working and transactions around the globe.
Blockchain Technology Jobs
With a whopping deployment of Blockchain Technology around the world made it more worthy and popular, burning like a fire in a jungle.
Blockchain is the fastest growing business around the globe out of more than a 5000+ sites on the internet – According to the UpWork’s skill index. The present situation is that the growing needs of blockchain workers are intriguing and surpassing the supply. According to the Burning Glass Technologies, there were about 5,473 skilled workers largely required for a full-time job in blockchain technology in the past 12 months. Even though the blockchain is in its infancy state but still it’s in demand and is required by many start-ups and by emerging as well as currently running system’s leaders across the globe. Many large IT companies like IBM and Samsung are exploring and designed a unique way to make use of blockchain in a healthy way. These organizations are working to build a system using blockchain but also explroing a distributed ledger system to incorporate with how the blockchain can be applied in other parts of field of work.
Working on a blockchain technology is surely not a kid’s job but requires a lot of hardwork and a dedicated knowledge to help grow the organization. A perfect strategy to sow a seed of the growth is the need of the blockchain firm. Below is the most hottest and popular jobs that are available in the blockchain organization:
● Blockchain Developer: This virtual job is on fire as this is the most trending and acquired by the companies. Blockchain Developer who have expertise in blockchain are the evangelist to the companies owing to the companies with blockchain work. Blockchain developers are one of the backbone of the companies and provide a solution to most of the problems occur. This is the most technical position and require a tremendous knowledge about the blockchain technology.
● Blockchain Project Manager: A Blockchain Project Manager has the responsibility to connect with the organization’s specific business person to raise the reache of the blockchain experts who will develope the blockchain solutions. Basically the project manager has the job of maintaining the job to be perfectly done under his surveillance and can manage the workers both technical and non-technical.
● Blockchain Design: Now with the growing needs and the advancement in the Blockchain Technology, not just the industrialist but an organization or a company having the need of maintaining the records, cost saving and ease of use experience and the design of blockchain is at the peak. Blockchain designers knows how to make perfect user experience interface and a design that appeals the user the most and make them visit again.
● Blockchain Quality Engineer: A Blockchain Quality Engineer has the responsibility of testing and ensuring the quality of the blockchain development environment. The blockchain quality engineers does a job of testing, automation and framework for blockchain. They help guide the company to make strategy to strive throughout the competition zone.
● Blockchain Attorney or Legal Consultant: As these technologies are evolving with the passage of time so as the companies face a legal documentation and person that can tackle a day-to-day problems that company may face like data storage, identity, finance, transaction and alot more.
So as the companies are accepting the blockchain technology in the coming time so as the job opportunity will rise up and never end until the whole world accept this technology for sure.
Blockchain Jobs in India
Bengaluru is considered as the hub of IT sector of India which no other state can ever achieve in the recent coming years. Also most of the tech giants and many large companies have masters themselves evolving as a successful startups.
Jobs in India are emerging in the field of Blockchain and is continually be rising in the coming years undoubtedly. According to the recent study by leading global job site of India, Bengaluru has been ranked as the top job providing and opportunities to the job seekers, with over 36 per cent of the blockchain jobs in India. Following which Mumbai, Hyderabad, Pune, Chennai are making their debut with the shining blockchain technology.
The report also disclosed a fact that Delhi and neighbour regions are seeking for blockchain job in regions around Gurugram, Mohali and Noida.
“The fair rise in the Blockchain Technology in the technological hub, Bengaluru and Hyderabad having an equal share of interest in the upcoming global market rise of Blockchain. With the global market of blockchain related services and products will touch the maximum $7.7 billion in 2022, there are more jobs that is to be created in this field of technology,” – said Sashi Kumar, Managing Director, Indeed India.
As per the current government’s report, the government is approaching with the positive attitude towards implementing and applying it in the biggest country like India. India can also look forward to make growth and development in the technological field. Niti Aayog’s pilot project in blockchain, IndiaChain will surely generate a number of jobs.
Only few haves pointed out the error and flaw that this technology can undertake. The technology is somewhat inappropriate and cannot be used extensively for many digital interaction.
√ Complexity: Though Blockchain Technology can be easily understood but still many of you might unknown of what this Blockchain Technology is. Because it involves a completely different alphabets and a different set of rules that makes it a complex.
Although there is a lot of glossaries available online that may help all the beginners out there to understand the basics of what cryptography is all about.
√ Blockchain Network Size: Blockchain are not resistant to any harmful malware, spams, etc that can resist from an unknown source. Despite they respond to the attacks more easily and faster and grow stronger.
However this requires a lot of networks of users to be able to indulge in this activity having a grid of nodes. It becomes difficult to get rid of this kind of tech attacks.
√ Transaction Cost, Network Speed: Bitcoin has currently a small charge that vary from blockchain providers to providers. The processing fee depend upon many factors like current price of btc(bitcoin), the difficulty level, other network charge that are tied with it and many more.
In 2016, it’s only about 7 transactions a second costing about $0.20(depends upon blockchain providers) and can only store about 80 bytes.
√ Human Error: If a blockchain is been used as a database of collecting data so that needs to be of high quality. The data once filled in the form cannot be trustworthy if its not recorded accurately and preciously.
√ Security Flaw: In a bitcoin and other blockchain network system, if a computer working as a nodes to service the network tells a lie and at the same time, other system also tells a lie. Then, the lie will become the truth. This is called “51% attack” coined by Satoshi Nakamoto at the early stage of bitcoin.
√ Poltics: Since the blockchain technology is rising because of extensive use of blockchain all around the world. So as the miners that helps make a successful transactions. There have been ample of opportunitues for the miners to make a disagreement and blow out the use of blockchain technology.
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